Unloan: CBA's stellar digital home loan shaking up the mortgage scene
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A home loan that rewards you for your loyalty, does away with pesky fees, and has a low variable rate that’s below the market average. It may not sound like a home loan from a big 4 bank, but it is. Well, sort of.
Designed to ‘undo’ your mortgage, Unloan is the 100% digital home loan built by CommBank. It has its own app and super speedy online application process, so technically, borrowers bypass CommBank but still get the benefit of its backing.
Unloan comes with a sharp variable rate of just 5.99% p.a. (5.90% p.a. comparison rate*) for owner occupiers (market average for 80% LVR currently sits at 6.52% variable rate^). In what Unloan says is an Australian-first, borrowers will receive an extra 0.01% p.a. discount, every single year, for a maximum of 30 years.
Unloan also does away with pesky fees, charging zero application fees, account fees, change fees or exit fees. It's no wonder it was awarded Australia's Best New Home Loan in the Mozo Experts Choice Awards^ for 2023.
“We believe home loans should be simple to understand, easy to get, and easier to live with,” says Unloan CEO Daniel Oertli. “That’s why we built Unloan – a new kind of home loan designed to pass more value back to customers.”
Unloan claims its online application process can be completed in as little as 10 minutes, and is working towards a fully digital approval process. Refinancers with at least 20% deposit or equity can apply now, for loans of up to $3 million.
OWNER OCCUPIERS
Unloan Variable
- 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
- Zero upfront or ongoing fees
- Low cost home loan winner - Mozo Experts Choice Awards 2023 & 2024^
Unloan’s Variable Home Loan has taken out a low cost home loan award for the second year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit.
INVESTORS
Unloan Variable
For investors, Unloan's low variable rate comes in at a competitive 6.29% p.a. (6.20% p.a. comparison rate*), with the same increasing loyalty discount rate up to thirty years. There are no application or other upfront fees, and no ongoing fees and investors get the same loan features as owner occupiers, including free extra repayments and redraws. Available for investment loans of up to $10M. Minimum 20% deposit.
Other home loans our editors love
Bendigo Bank - Express Home Loan
- 6.01% p.a. variable rate (6.14% p.a. comparison rate*)
- Offset account and redraw facility
- Mozo Experts Choice winner for 2024
The Express Home Loan is only available online and has the lowest variable rate of Bendigo Bank home loans at 6.01% p.a. (6.14% p.a. comparison rate*). It also comes with generous features to help you save on interest including an offset account, redraw facility and the ability to make free extra repayments. You’ll be able to borrow up to $3 million and have the flexibility to split. Just a 10% deposit is required and Bendigo says you could get fast online approval in as little as an hour.
Macquarie - Offset Home Loan
- Variable rates from 6.14% (6.39% comparison rate*) - minimum 40% deposit
- 100% offset account, redraw facility and extra repayments
- Get up to 10 free offset accounts per loan
This competitive packaged home loan from Macquarie has all the bells and whistles you'd expect of Australia's fifth largest lender, including 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no application fee to worry about.
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^ Average variable interest rate in the Mozo Database (June 26, 2023) for a $400,000 variable rate P&I home loan with 80% LVR
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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